High­est house sales since 2008

Rutherglen Reformer - - Property - Lor­raine Howard

Scot­land has seen the high­est Jan­uary sales since 2008, up 24 per cent year-on-year.

The av­er­age Scot­tish house prices ad­vance 0.8 per cent in Jan­uary to £ 171k, up from 0.3 per cent the pre­vi­ous month and the strong­est surge is in Stir­ling where prop­erty val­ues in the area have jumped 13.5 per cent over the past year.

Chris­tine Camp­bell, Your Move man­ag­ing di­rec­tor in Scot­land, said: “The Scot­tish hous­ing mar­ket made a brac­ing start to the year with the high­est Jan­uary sales since 2008.

“Prop­erty trans­ac­tions in Scot­land are up 24 per cent yearon-year, eas­ily out­pac­ing sales south of the bor­der, as Eng­land and Wales only saw a one per cent rise over the same time pe­riod.

“The surge in Scot­tish home pur­chases has been pro­pelled by se­cond- home and buy- to­let buy­ers ea­ger to avoid pay­ing the three per cent Land and Build­ings Trans­ac­tion Tax (LBTT) sur­charge.

“As this tax hike was only an­nounced in De­cem­ber’s Scot­tish Bud­get, Jan­uary’s surge in sales may only be the tip of the ice­berg.

“In Mid­loth­ian, prop­erty sales have out­per­formed ev­ery other area, shoot­ing up 38 per cent over the three months Novem­ber 2015 to Jan­uary 2016 com­pared to the same three months a year ago.

“This growth has been aided by the lower rate of LBTT on the pur­chase of cheaper prop­er­ties, with flat and ter­raced house sales ac­count­ing for the largest rise.

“This trend can also be seen in Glas­gow, which nar­rowly beat Ed­in­burgh to be­come the area with the high­est ab­so­lute in­crease in sales.”

The only ar­eas in Scot­land


Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.